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Term: Welfare Capitalism

26 Oct 2014

Welfare capitalism is capitalism that is concerned with the social welfare of the worker, and includes such policies as social security, universal healthcare, collective bargaining, and industrial safety codes.

Welfare capitalism originated during the industrial revolution in 19th century Britain, when manufacturers began to offer benefits to their factory workers. Now, it’s the mode of capitalism found in Northern and Continental Europe, where state welfare provisions, such as universal healthcare, are part of the capitalist system. In the U.S., providing social benefits mostly falls to private employers, and so welfare capitalism is practiced within companies, which individually determine the benefits they offer their employees.

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